UPDATE: Goldman Surprises, Will The Rest?

Bank stocks dragged down the broader market on Tuesday with Goldman Sachs apparently full of surprises.

On the upside, the firm released stronger than expected earnings one day earlier than expected. But the positive results were overshadowed by the downside surprise -- a $5 billion sale of common stock to help pay back the TARP funds.

Though the move, which dilutes shareholder value, was not completely unexpected it triggered widespread worries that other banks might follow suit just to be rid of the onerous TARP restrictions.

The financial sector had surged in recent weeks after some major banks said they had made money in the first two months of the year.

"(Now) people are looking for the next big opportunity out there," says Keith Springer, president of Capital Financial Advisory Services. "(Traders) are looking for the next shock. Who is going to shock again and surprise us with a great number?"

Sanford Bernstein Analyst Brad Hintz tells Fast Money the next surprise could come from JPMorgan or Morgan Stanley . "They should do well in this environment," he says.

However don’t run out and gobble up shares of Morgan Stanley, just yet. Hintz also tells Fast Money that commercial real estate will probably be a problem for them.

It’s worth noting that analysts also attribute some of moves in bank stocks to "short covering," or the buying of stocks to cover misplaced bets that banks would fall when they post results this week. Short covering has played a large role in the surge in bank stocks over the past few weeks.

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